As mentioned in the Entrepreneur Magazine article, “10 Ways to Grow Your Business,” taking your business to the next level may require you to diversify and target other markets.
The Nortridge Loan System (NLS) is ideal for financial services companies looking to elevate to that next level. In fact, we have had many customers add additional loan products to their portfolio. Recently Advanced Financial Company, a lender for the timeshare industry, decided they were going to expand and offer servicing and collections to other lenders. They are now providing servicing for an auto finance company and are seeking more servicing opportunities.
"I know NLS can support all types of loans so we decided to expand our business and venture into other industries,” noted Randy Nakagawa, COO at Advanced Financial Company. “Utilizing NLS to provide auto loan servicing is a great opportunity for us. I definitely wouldn't have started down this path unless I knew NLS could support it."
Another customer, an indirect auto lender, entered the direct and title loan markets. And other NLS users have diversified into other loan products.
How easily is this done?
Key components of the Nortridge Loan System are the over 300 user-defined fields. This feature allows for the ultimate customization. There is a GUI screen designer for user-defined field setup and most information screens allow each user to display the data points that are important to them. You can also sort the data tabs according to your business needs.
The loan template feature allows the user to set up default parameters for different loan types and reduces setup time while ensuring consistency. Each template “holds” common parameters of how a loan acts, such as how interest accrues and how payments are calculated - amortized, interest only, deferred, same as cash, to name a few. We suggest you set up a template for each type of loan or industry you serve. Loans being imported or added through originations point to the template applicable to that specific loan type.
There are various ways to separate products for reporting purposes, for example: portfolio, group, class and status codes, and hundreds of user-defined fields. This helps Nortridge users service loans for other lenders. Our software provides for separate ACH companies and credit bureau headers for different lenders. It will automatically assess servicing fees that can be billed to the lender or deducted from the payment proceeds.
It’s easy to see how the Nortridge Loan System can provide the tools to grow your financial services business. The robust and customizable nature of the software system gives you the option to tell your loans how you want them to act; no need to be limited with a predetermined mold. You have the power to use the flexibility of the system to service multiple loan types.
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